(Bloomberg) -- The Biden administration is considering imposing sanctions on Russia’s state-owned atomic energy company, Rosatom Corp., a major supplier of fuel and technology to power plants around the world, according to people familiar with the matter.

No final decision has been made and the White House is consulting with the nuclear power industry about the potential impact, said the people, who were granted anonymity to discuss private deliberations.

Rosatom is a delicate target because the company and its subsidiaries account for about 35% of global uranium enrichment and has agreements to ship the nuclear fuel to countries across Europe. Any punishment would also have to exempt the work Rosatom does with Iran under the terms of the deal limiting the country’s nuclear program, which Biden is seeking to revive.

It’s unclear what the sanctions would mean for U.S. nuclear plants and importers of fuel. Russia accounted for 16.5% of the uranium imported into the U.S. in 2020 and 23% of the enriched uranium needed to power the fleet of U.S. commercial nuclear reactors. The reactors typically need to refuel every 18 to 24 months, and utilities typically buy fuel years in advance and maintain significant inventories.

Notably, uranium was not included when the Biden administration announced on Tuesday it was banning Russian imports of crude, coal, and other energy products. 

Spokespeople for the White House and State Department didn’t immediately respond to requests for comment.

Any such ban could boost the price of uranium and have a big impact on nuclear operators such as Southern Co. and Exelon Corp., while a possible boon for domestic miners such as Energy Fuels Inc. and Ur-Energy Inc.

“We can’t afford not to have Russian uranium and enrichment,” said Chris Gadomski, a nuclear industry analyst with Bloomberg NEF. “Russian uranium is cheaper and the U.S doesn’t produce any uranium.”

©2022 Bloomberg L.P.